Private Advisor Group LLC Buys New Holdings in MGIC Investment Corporation (NYSE:MTG)

Private Advisor Group LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,621 shares of the insurance provider's stock, valued at approximately $238,000.

Other institutional investors have also recently bought and sold shares of the company. Signaturefd LLC lifted its position in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after buying an additional 421 shares during the period. Fifth Third Bancorp raised its stake in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of MGIC Investment by 1.3% during the first quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after acquiring an additional 524 shares during the period. ProShare Advisors LLC boosted its stake in shares of MGIC Investment by 4.9% in the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock valued at $281,000 after purchasing an additional 553 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of MGIC Investment by 1.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 40,985 shares of the insurance provider's stock valued at $1,016,000 after purchasing an additional 587 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Barclays raised their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $26.88.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the sale, the executive vice president directly owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.05% of the company's stock.

MGIC Investment Stock Up 1.4%

Shares of NYSE MTG opened at $26.27 on Friday. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The firm's 50-day simple moving average is $26.50 and its 200 day simple moving average is $25.25. The company has a quick ratio of 1.25, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same period in the prior year, the business earned $0.77 earnings per share. MGIC Investment's quarterly revenue was down .3% on a year-over-year basis. On average, research analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.3%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio (DPR) is currently 17.28%.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.

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